7.6

• comparative advantage - the ability of a country to produce a good or service more cheaply than another country
• barter - exchange of goods and services without the use of money, usually between people who are not members of the same society
• complementarity - when a country has the income, goods, or services that the another country desires
• free trade policies/laws - policies that allow free trade between countries without tariffs or quotas; reduces barriers to trade
• neoliberal - a set of reforms that reduced government regulations and taxation
• trading blocs - groups of countries that agree to a c common set of trade rules
• mercosur/southern common market - 10 countries in south america
• world trade organization (WTO) - an organization which aims to reduce trade barriers and promote free trade
• international monetary fund (IMF) - an international organization that provides financial and technical assistance to countries that are experiencing balance of payments difficulties